Mortgages

Residential mortgages

Newcomers to Canada – can put as little as 5% down payment for their new home as long as they are full time employed for the period over 3 month.
Another option to put 35% down payment , no income verification required.

1 st. Time Buyers – have an option to take a loan in amount of 25000$ from their RRSP for the down payment
Also they can get a rebate 2000$ for the land transfer taxes and get a first time tax credit in amount of 750$

Equity take out program – Homeowners can take money out of their property value for their own needs, up to 80% loan to value. For example, if your house worth of 1 million, your combined mortgages and credit lines can be increased up to 800000 , if the certified appraisal confirm the market value of 1M, but this appraisal report is valid for a month only.

Self employed programs – there are different offers from the Lenders, but the common things are: notice of assessments for the last two years, or T1 showing income, bank statements, both personal and company, showing money inflow for the last period, Lenders can ask for the articles of incorporation, showing the name of the applicant .

Second, third mortgages – available from B or C Lenders up to 80% LTV with the higher interest rate.

 

Commercial mortgages

New purchase – first or second mortgage to buy commercial unit, manufacturing industrial areas, multi unit buildings, apartment buildings for renting out, strip plazas, land development, construction loans.

Equity use – for the renovations, debt consolidation, major purchase, capital injection into business.